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<PAGE>
Exhibit 99.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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(Dollar amounts in thousands)
<TABLE>
<CAPTION>
Quarter Ended June 30,
2000 1999
------------------------ -----------------------
<S> <C> <C>
Income before net gain on sales of investments in rental
properties and minority interest $20,569 $19,462
Less - minority interest not convertible into common stock (145) (144)
------------------------ -----------------------
Earnings $20,424 $19,318
======================== =======================
Fixed charges:
Interest $12,094 $10,296
Capitalized interest 5,192 2,001
Preferred stock dividends 1,142 1,142
Other 12 12
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Fixed Charges $18,440 $13,451
======================== =======================
Earnings plus fixed charges, excluding capitalized interest
and preferred stock dividends $32,530 $29,626
======================== =======================
Divided by fixed charges $18,440 $13,451
======================== =======================
Ratio of earnings to fixed charges 1.8 2.2
======================== =======================
<CAPTION>
Six Months Ended June 30,
2000 1999
------------------------ -----------------------
<S> <C> <C>
Income before net gain on sales of investments in rental
properties and minority interest $42,258 $36,973
Plus - provision for nonrecurring charge - 1,250
Less - minority interest not convertible into common stock 211 310
------------------------ -----------------------
Earnings $42,047 $37,913
======================== =======================
Fixed charges:
Interest $23,729 $20,135
Capitalized interest 8,130 5,035
Preferred stock dividends 2,284 1,898
Other 24 24
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Fixed Charges $34,167 $27,092
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Earnings plus fixed charges, excluding capitalized interest
and preferred stock dividends $65,800 $58,072
========================= =======================
Divided by fixed charges $34,167 $27,092
========================= =======================
Ratio of earnings to fixed charges 1.9 2.1
========================= =======================
</TABLE>
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